China's retail penetration of NEVs reached a record 51.1 percent in July, the first time it has exceeded the 50 percent mark, meaning that for the first time, NEVs overtook conventional gasoline vehicles in new car sales.

The figure is lower than the preliminary figure of 879,000 units released by the CPCA yesterday, but higher than the estimated figure of 860,000 units it released at the end of last month.

Battery electric vehicles (BEVs) accounted for 54.8 percent of all NEV retail sales in July at 482,000 units. That was up 14.3 percent year-on-year, but down 1.6 percent from June.

Plug-in hybrids (PHEVs) contributed 45.1 percent of all NEV retail sales at 396,000 units in July, up 80.4 percent year-on-year and up 8.8 percent from June.

China's passenger vehicles, including sedans, SUVs and MPVs, retailed 1.72 million units in July, down 2.8 percent year-on-year and down 2.6 percent from June.

China's NEV penetration at retail was a record 51.1 percent in July, the first time it has exceeded the 50 percent mark, meaning that NEVs overtook traditional gasoline vehicles in new car sales for the first time.

The penetration rate was up 15 percentage points from 36.1 percent a year earlier and up 2.7 percentage points from 48.4 percent in June.

NEV penetration at retail for local brands was 73.9 percent in July, compared to 27 percent for luxury brands and 8.3 percent for mainstream China-foreign joint venture brands, according to CPCA.

The rapid rise in China's NEV retail penetration validates an earlier prediction by Wang Chuanfu, chairman and president of BYD (HKG: 1211, OTCMKTS: BYDDY), the largest Chinese NEV maker.

In a March 16 speech, Wang said China's NEV penetration rate would exceed 50 percent in the next three months.

China's wholesale sales of passenger NEVs in July were 945,000 units, up 27.6 percent year-on-year, but down 3.6 percent from June.

NEV penetration at wholesale hit a record 48.1 percent in July, up 12.4 percentage points from 35.7 percent a year earlier and up 2.8 percentage points from 45.3 percent in June.

Penetration of local Chinese brands of NEVs in wholesale in July was 62.6 percent, compared to 37.2 percent for luxury brands and 8.1 percent for mainstream JV brands.

Passenger NEVs exported from China were 92,000 units in July, up 1.3 percent year-on-year and up 18.2 percent from June, contributing 24.5 percent of passenger car exports.

BEVs contributed 72.7 percent of July's NEV exports, with exports of A0- and A00-class BEVs accounting for 19 percent of China-branded NEV exports, according to the CPCA.

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